Pemex September Crude Output 3.26M b/d Vs Aug 3.25M b/d

MEXICO CITY Oct 19, 2006 (Dow Jones Newswires)

Mexican state oil monopoly Petroleos Mexicanos, or Pemex, said Thursday its crude production edged higher in September from August, while natural gas output rose to a record level.

Data posted on the company's Web site showed crude production last month at 3.26 million barrels a day, compared with 3.25 million b/d in August and 3.37 million b/d in September 2005.

Pemex's crude exports fell to 1.68 million b/d in September from 1.78 million b/d in August, but were unchanged from September 2005.

The average price per barrel fell to $51.83 from $60.79 in August, and was up slightly from $50.97 in the year-ago month. The company reported that of September's exports, 1.45 million b/d was heavy Maya crude - which sold at an average price of $50.31 a barrel - 25,000 b/d was light Isthmus crude sold at $55.21 a barrel, and 207,000 b/d was extra light Olmeca crude at $62.27 a barrel.

Pemex's crude oil production has slipped this year - average output was 3.31 million b/d in the first three quarters compared with 3.33 million b/d in all of 2005.

The drop is largely attributable to declining production from the offshore Cantarell oil field, Mexico's biggest.

Natural gas production, meanwhile, continued to reach unprecedented levels. Pemex said it produced an average of 5.587 billion cubic feet a day (Bcf/d) last month, compared with 5.526 Bcf/d in August and 4.895 Bcf/d in September 2005.

Production of non-associated natural gas was 3.189 Bcf/d compared with 3.125 Bcf/d in August and 2.993 Bcf/d in September 2005. Pemex's natural gas imports fell to 333 million cubic feet a day (MMcf/d) in September from 522 MMcf/d in August and 388 MMcf/d in September 2005.

Mexico, one of the top foreign suppliers of crude to the U.S., said last week that it has no plans to adjust its crude production levels even if the Organization of Petroleum Exporting Countries cuts output to shore up prices which have come off record highs seen earlier in the year.

In the first eight months of the year, crude and petroleum products accounted for 16.6% of Mexico's total exports. Oil and related taxes also account for more than a third of federal revenue.

Copyright (c) 2006 Dow Jones & Company, Inc.


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Brent Crude Oil : $50.79/BBL 1.30%
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